- Wellfully (WFL) has ended its merger talks with The BrandBase (TBB)
- After signing a memorandum of understanding with TBB back in December to merge the two companies, WFL today says the parties were unable to agree on terms
- WFL says a “better and more reliable outcome” for direct-to-customer market access can be secured by leveraging its in-house knowledge and experience
- At a general meeting in January, WFL shareholders voted in favour of a $5 million share placement, and the company says it is now considering a number of opportunities in this regard
- WFL shares were placed in a trading halt on February 20 and last traded at 1.5 cents
Wellfully (WFL) has ended merger talks with The BrandBase (TBB).
After signing a memorandum of understanding with TBB back in December to merge the two companies, WFL today said the parties were unable to agree on terms.
While Wellfully initially told investors the partnership was likely to increase sales revenue, gross margins and accelerate its growth plans, it now believes an in-house solution is the best approach to manage company growth without “significant upfront cash outflows”.
In a statement on Thursday, WFL said a “better and more reliable outcome” for direct-to-customer market access could be secured by leveraging its in-house knowledge and experience.
Moreover, Wellfully said the momentum it created with its US-based Beauty Box campaign would “significantly increase” brand notoriety as well as additional retail and distribution placement.
At a general meeting in January, WFL shareholders voted in favour of a $5 million share placement, and the company says it is now considering a number of opportunities in this regard
WFL shares were placed in a trading halt on February 20 and last traded at 1.5 cents.